1551.]
EXECUTION OF THE DUKE OF SOMERSET.
13
council admonished the Lord Mayor, and required the Lord Mayor to admonish the wardens of the trading companies.[1] Confidence was steadily refused to the currency as long as the worth of the coined shilling was artificially greater than the worth of the bullion of which it was made. The falling process having once begun, had to be completed with as little delay as possible, August 17.and on the 17th of August the shilling was ordered by proclamation to pass for no more than sixpence, the groat for no more than twopence,[2] and all other silver coins in proportion. To
- ↑ Privy Council Records, MS.
- ↑ The second proclamation was drawn on the 1st of August, but was not put out till the 17th. The following is the text of it. In such a matter the Government must be heard for themselves:'Whereas the King's Majesty, minding to reduce the coin of this his Highness's realm to a more fineness, hath of late, for sundry weighty considerations, partly mentioned in our proclamation of the last of April last past [It was drawn on the last of April, and issued on the 6th of May], ordained and established that the piece of silver called the teston, or shilling, should be current for nine pence, and no more; and the piece of silvered coin called the groat should likewise be current for three pence, and no more; minding, both at the time of the said proclamation and sithens also, to have reduced the coin of this realm to a fineness by such degrees as should have been less burdenous to his Majesty, and most for the ease of his Highness's loving subjects: forasmuch as sithens which time his Majesty is sundry ways informed that the excessive prices of all victuals and all other things, which of reason should have grown less as the coin is amended, is rather, by the malice and insatiable greediness of sundry men, especially such as make their gain by buying and selling, increased and waxen more excessive, to the great hindrance of the commonwealth and intolerable burden of his Majesty's loving subjects, especially of those of the poorer sort: for the remedy whereof, nothing is thought more available than the speedy reduction of the said coin more nigher his just fineness. His Majesty, therefore, by the advice of
to Edward VI.: Cotton. MSS. Vespasian, D. 18. Printed in Strype's Memorials, vol. iv. p. 389.
